IE Business Daily Business news for the Inland Empire.
Stockbridge Capital Group, a San Francisco-based private equity real estate investment company, has bought a 26-property industrial and e-commerce portfolio that includes three Inland Empire properties.
The seller was Westcore Properties, a commercial real estate investment firm in La Jolla, according to a statement.
Cost of the transaction was not disclosed.
The acquired properties are in nine U.S. markets, mostly on the west coast. The Inland Empire properties, all warehouse-distribution facilities, are at 22705 Newhope St. in Moreno Valley, 927 E. 9th St. in San Bernardino and 7776 E. Tippecanoe Ave., also in San Bernardino.
Stockbridge Capital pursued the deal because the properties are in markets with above-average population growth and a lot of e-commerce buying and selling, said Nicole Stagnaro, Stockbridge Capital’s head of opportunistic and platform transactions, in the statement.
The nine markets also have lower-than-normal vacancy rates and higher-than-normal rent growth, Stagnaro added.
